BOK FINANCIAL CORPORATION Exhibit 99 (b)
(In thousands, except ratio and per share data)
Period End Balances Average Balances
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March 31, Quarter Ended March 31,
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BALANCE SHEETS 2004 2003 2004 2003
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ASSETS
Cash and due from banks $ 554,511 $ 563,674 $ 482,558 $ 459,270
Trading securities 18,155 10,658 15,499 10,342
Funds sold 12,800 26,642 7,995 29,392
Securities:
Available for sale 4,677,148 4,602,369 4,594,569 4,143,109
Held for investment 198,679 199,463 193,929 200,265
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Total securities 4,875,827 4,801,832 4,788,498 4,343,374
Loans:
Commercial 4,319,665 4,013,235 4,316,205 3,915,425
Commercial real estate 1,619,225 1,461,763 1,618,109 1,538,089
Residential mortgage 1,115,952 1,097,507 1,115,213 1,093,201
Consumer 445,734 403,984 445,186 402,398
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Total loans 7,500,576 6,976,489 7,494,713 6,949,113
Less allowance for loan losses (129,838) (119,699) (132,494) (119,959)
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Total loans, net 7,370,738 6,856,790 7,362,219 6,829,154
Premises and equipment, net 173,079 154,943 174,040 153,292
Accrued revenue receivable 69,619 61,935 62,398 62,241
Intangible assets, net 248,660 196,256 249,794 197,037
Mortgage servicing rights, net 42,352 37,526 46,263 35,727
Real estate and other repossessed assets 5,954 5,350 6,695 6,242
Bankers' acceptances 23,117 33,210 23,945 16,988
Derivative contracts 230,464 130,158 171,394 140,846
Other assets 134,836 109,852 140,704 82,760
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TOTAL ASSETS $ 13,760,112 $ 12,988,826 $ 13,532,002 $ 12,366,665
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 1,921,263 $ 1,460,436 $ 1,643,638 $ 1,292,077
Interest-bearing transaction 3,838,615 3,452,180 3,819,981 3,288,874
Savings 178,088 175,224 174,958 168,730
Time deposits 3,427,608 3,546,880 3,395,785 3,399,813
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Total deposits 9,365,574 8,634,720 9,034,362 8,149,494
Federal funds purchased and
repurchase agreements 1,480,246 1,465,907 1,675,722 1,420,781
Other borrowed funds 1,012,745 1,057,550 1,010,414 1,059,201
Subordinated debentures 154,027 155,198 154,175 155,304
Accrued interest, taxes, and expenses 69,415 73,200 71,807 66,427
Due on unsettled security transactions 39,100 251,667 57,903 198,751
Bankers' acceptances 23,117 33,210 23,945 16,988
Derivative contracts 231,803 122,253 172,295 131,764
Other liabilities 88,214 55,050 80,511 51,890
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TOTAL LIABILITIES 12,464,241 11,848,755 12,281,134 11,250,600
Shareholders' Equity:
Shareholders' equity 1,260,475 1,099,758 1,232,719 1,074,141
Unrealized securities gains 35,396 40,313 18,149 41,924
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TOTAL SHAREHOLDERS' EQUITY 1,295,871 1,140,071 1,250,868 1,116,065
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 13,760,112 $ 12,988,826 $ 13,532,002 $ 12,366,665
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For the Quarter Ended
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March 31,
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STATEMENTS OF EARNINGS 2004 2003
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Interest revenue $ 146,006 $ 141,952
Interest expense 43,204 46,441
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Net interest revenue 102,802 95,511
Provision for loan losses 7,027 9,912
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Net interest revenue after
provision for loan losses 95,775 85,599
Other operating revenue
Brokerage and trading revenue 10,011 9,214
Transaction card revenue 14,724 12,676
Trust fees and commissions 13,709 10,180
Service charges and fees on deposit accounts 22,155 18,984
Mortgage banking revenue, net 7,744 15,535
Leasing revenue 887 859
Other revenue 6,624 4,660
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Total fees and commissions 75,854 72,108
Gain on sale of other assets 684 730
Gain (loss) on sales of securities, net 4,277 9,689
Gain (loss) on derivatives (995) (1,296)
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Total other operating revenue 79,820 81,231
Other operating expense
Personnel 58,209 53,784
Business promotion 3,350 3,471
Contribution of stock to BOk Charitable Foundation 4,125 -
Professional fees and services 3,899 3,765
Net occupancy and equipment 11,851 11,061
Data processing and communications 14,641 11,720
FDIC and other insurance 604 516
Printing, postage and supplies 3,317 3,359
Net (gains) losses and operating expenses
on repossessed assets 114 8
Amortization of intangible assets 2,138 1,777
Mortgage banking costs 5,843 14,442
Provision (recovery) for impairment of
mortgage servicing rights 3,703 (7,830)
Other expense 4,249 3,082
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Total other operating expense 116,043 99,155
Income before taxes 59,552 67,675
Federal and state income taxes 20,400 24,208
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Net Income $ 39,152 $ 43,467
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For the Quarter Ended
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March 31,
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FINANCIAL DATA 2004 2003
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Capital:
Average equity $ 1,250,868 $ 1,116,065
Period-end equity $ 1,295,871 $ 1,140,071
Risk-based capital ratios:
Tier 1 9.32% 9.20%
Total capital 11.45% 12.11%
Leverage ratio 7.34% 7.03%
Common stock:
Book value per share $ 22.32 $ 19.79
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Basic earnings per share $ 0.68 $ 0.76
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Diluted earnings per share $ 0.60 $ 0.67
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Period end common shares outstanding 57,389,748 56,841,391
Average shares outstanding:
Basic 57,331,272 56,820,784
Diluted 64,730,046 64,455,840
Key ratios:
Return on average assets 1.16% 1.43%
Return on average equity 12.59% 15.80%
Net interest margin 3.45% 3.57%
Credit Quality:
Nonperforming assets:
Nonaccrual loans $ 46,377 $ 50,713
Real estate and other repossessed assets 5,954 5,350
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Total nonperforming assets $ 52,331 $ 56,063
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90-day past due $ 16,376 $ 7,921
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Gross charge-offs $ 7,962 $ 8,051
Recoveries 2,134 1,768
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Net charge-offs (recoveries) $ 5,828 $ 6,283
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Key ratios:
Reserve for loan losses to period end loans (A) 1.75% 1.75%
Nonperforming assets to period
end loans (A) and repossessed assets 0.70% 0.82%
Net charge-offs (annualized) to average loans (A) 0.31% 0.37%
Reserve for loan losses to nonperforming loans 279.96% 236.03%
(A) Excluding residential mortgage loans held for sale.
For the Quarter Ended
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March 31,
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2004 2003
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Other Data:
Average earning assets,
net of unsettled security transactions $ 12,110,611 $ 11,013,511
Average total assets $ 13,532,002 $ 12,366,665
Average equity $ 1,250,868 $ 1,116,065
Average loans $ 7,494,713 $ 6,949,113
Loans held for sale (Period end) $ 83,556 $ 146,092
Loans held for sale (Average) $ 72,089 $ 122,248
Tax equivalent adjustment $ 1,197 $ 1,403
Preferred stock dividends - BOKF $ 375 $ 375
Period end common shares O/S 57,389,748 56,841,391
Period end fully diluted shares 64,788,522 64,476,447
Number of days in period 91 90
Tangible Book Value per Common Share $ 17.99 $ 16.34
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Stock Buy Back Program:
Stock buy back # shares - -
Stock buy back account $ - $ -
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Average price per share $ - $ -
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Mortgage Banking:
Mortgage servicing portfolio $ 4,259,639 $ 5,090,974
Mortgage loan fundings during quarter $ 159,641 $ 331,425
Mortgage loan refinances to total fundings 43.15% 74.40%
Trust Assets:
Total trust assets $ 21,313,658 $ 17,131,694